In every simple contract, the price which is paid to purchase a promise is called

Assessment: JAMB UTME - Commerce - 1999 Subject: Commerce

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In every simple contract, the price which is paid to purchase a promise is called
Answer Details
In every simple contract, the price which is paid to purchase a promise is called consideration. Consideration is a legal term used to describe something of value (often money) that is given in exchange for a promise or performance. It is an essential element of a contract because it represents the bargained-for exchange between the parties. In other words, it is the benefit that each party receives or expects to receive from the contract.
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